“How every oil trader feels positioned over a weekend!”
Every day last week saw trading action go lower, after Sunday night’s historic
melt up of some 20% in price … was it for real, a false flag, and inside job as
some are suggesting? … I dunno, but for some who were over inventoried in
crude, it was Christmas come early for some badly needed coin … I have a very
hard time seeing this week being anything more than a “chopfest”.
Directly below, the 20 Day Range MA for WTI Crude Oil.
click on chart to enlarge
A slight increase, but digging into the data it’s an outlier that will get worked off
in the day’s ahead … still, it points to the “hair trigger” response crude oil has to
supply disruptions from the Middle East, and especially Saudi Arabia … first
estimates were of damage that would cut Saudi production over 5% and last for
months on end … within 24 hours it was downgraded to a minor blimp … with
that being said, it still caused a 20% jump in price at the open, the largest in the
history of oil trading … right, nothing suspicious about all of this is there?
Onto the week … until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!
-vegas
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